Bitcoin Retreats From 12-Week Peak as Sellers Intervene at $79,400

Bitcoin, with the symbol BTC, reached a 12-week high of $79,399 before encountering selling pressure during Monday's Asian morning session, thereby halting its ascent towards the $80,000 mark for the first time since January. As of Monday morning, Bitcoin was valued at $77,705, representing a 0.4% decline over the past 24 hours, after having touched $79,399 around 09:00 IST and subsequently experiencing a sharp reversal throughout the Asian session. Meanwhile, Ether experienced a 2.4% decline to $2,329, Solana fell by 1.9% to $86, and BNB decreased by 1.2% to $630. The rally that propelled Bitcoin to its highest level since January 31 dissipated by mid-morning Singapore time. This surge was prompted by a report from Axios indicating that Iran had proposed a new plan to the U.S. for reopening the Strait of Hormuz, with nuclear negotiations postponed until after the U.S. naval blockade is lifted. Asian equities responded positively, with the MSCI Asia Pacific Index rising 1.7%, the emerging markets index reaching a record high, and Taiwan Semiconductor Manufacturing surging 6% to achieve its own record. Brent crude pared its earlier 2.5% gains to record a 1% increase at $106.50 per barrel. Initially, Bitcoin moved in tandem with the risk-on trend before diverging. The rejection at $79,399 can be attributed to a clean technical explanation. According to Rachael Lucas, an analyst at BTC Markets, the $80,000 mark is where many recent buyers are approaching breakeven, which historically results in selling pressure as traders exit positions they had been underwater on for weeks. Bitcoin has experienced a 16% increase in April, putting it on track for its first double-digit monthly gain since May 2025. Strategy has purchased $3.9 billion worth of Bitcoin this month, as per Bloomberg, marking the firm's largest monthly accumulation in a year. Funding rates on perpetual futures across major exchanges remain negative on a 7-day basis at -0.13% per Coinglass, indicating that shorts are still paying longs to hold positions. This structural setup can lead to a squeeze if spot prices can maintain their position above the $79,000 level, which has now been rejected three times. The Federal Reserve and European Central Bank are both scheduled to make policy decisions this week, and the earnings reports of the four largest U.S. companies by market capitalization are also expected. Either the Fed's decision or a single earnings beat could provide the catalyst that the Bitcoin market has been lacking. Without such a catalyst, the third rejection from $79,000 in eight sessions may define the range rather than precede a breakout.